Japanese Yen Jumps While Dollar Dives on Pessimistic Vaccine Outlook

Moderna CEO says new COVID-19 vaccines may be needed to counter Omicron

Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound, and Chinese 100 yuan banknotes are seen in this picture illustration on Jan. 21, 2016. Jason Lee/Illustration/Reuters

The Japanese yen jumped toward 113 against the U.S. dollar on Tuesday while the greenback slid against its rivals after Moderna CEO Stephane Bancel said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the CCP virus as they have been with other types.

In an interview published on Tuesday, Bancel said he predicts the current vaccines will be far less effective against the new Omicron variant of COVID-19 due to the high number of mutations on the spike protein.